Hashtag
Men's Weekly

Good times coming for WA property


AFTER years of record lows, the tide is starting to turn in Western Australia, and investors are in the prime position to strike.

 

WA has turned the corner with the economy returning to growth and all signs pointing to a bright future.

 

The biggest change in the outlook has been the rise in the state’s population growth.

 

After a 60,000 drop in 2015, West Australian annual population growth is rising again, with repeated climbs in recent years.

 

CBRE figures show Western Australia enjoyed a 21,000-person net increase alone in the past twelve months.

 

Population of the Perth and Peel region in 2010 was approximately 1.65 million. That is expected to exceed 2.2 million residents by 2031.

 

It’s a marked change from the doom and gloom that has existed for the past few years, and Gemmill Homes Managing Director, Craig Gemmill is predicting good times for the market.

 

“This is the first step in the recovery of Western Australia,” Mr Gemmill said.

 

“It’s really exciting, as there’s two real positives that come out of the population growth,” he said.

 

“Existing housing stock get soaked up. That affects supply and people then go to the next level of pricing or they build. It will really stimulate the market.”

 

Another significant factor in the brighter outlook for the state is a sharp decline in vacancy rates.

 

They have seen a considerable drop after topping out at 7.3% in July last year.

 

Stabilisation has been followed by four consecutive quarterly falls and Real Estate Institute WA figures show the vacancy rate has dipped to 3.9%, a level last seen in 2015.

 

“It has happened so quickly. Yesterday we were all saying it was all doom and gloom, but vacancy rates have dropped considerably in just a year,” Mr Gemmill explained.

 

“When people were leaving the state, it became a tenant’s market, due to the number of properties that were available,” he said.

 

“Now, we’re seeing things going back more in favour of the landlord, so it is a great time for investors.

 

“Investors need at least five percent return. The average now is around five and a half percent. When you claim two per cent depreciation, that leaves a seven percent return. That’s before investors have even claimed back their borrowing costs.

 

“So, in this market where interest rates are low, you can get a great return of investment.

 

“We’re going into an upswing in the cycle and it’s a great time to invest in the market.”

 

Michael Valetta, CBRE Director of Residential Valuations agreed with the positivity, saying recent data shows clear growth for WA.

 

“An increase in population growth and decrease in vacancy rates present real opportunities for the real estate market,” Valetta said. 

 

“I see great potential in Western Australia and after some lean years, signs point towards the fact we are turning things around.”

 

For more information on Gemmill Homes, visit - https://gemmill.com.au/

Property News Wanted


Do you have property or real estate related news to share? Prepare at least 425 words and send a pic with it to office@newscompany.com.au

Property

How to Choose the Right Size Concrete Mixer for Your Construction Needs

Hashtag.net.au - avatar Hashtag.net.au

(Source) No matter what type of construction you are undertaking, whether it's a garden patio, driveway repair, or a full-scale construction site, the right tools will make the greatest difference...

Resilient and Adaptive Landscapes: Rethinking Urban Design for A Changing Climate

Hashtag.net.au - avatar Hashtag.net.au

Increasing climate instability requires urban planners and landscape architects to focus their designs on survival instead of solely on beauty or utility. Floods, heatwaves, and long-term droughts h...

Why Pre-Winter Building Inspections Matter in Melbourne

Hashtag.net.au - avatar Hashtag.net.au

Getting a building inspection in Melbourne before winter sets in might not be the first thing on your to-do list—but it should be. Melbourne’s weather is famously unpredictable, and when winter hits...

Exploring the Advantages and Process of High-End Concrete Polishing

Hashtag.net.au - avatar Hashtag.net.au

"Explore the fine details of high-end concrete polishing! Unlock the comprehensive process & witness its transformation. Experience luxury!" High-end concrete polishing is an advanced method us...

Essential Safety Equipment for Roofing Work

Hashtag.net.au - avatar Hashtag.net.au

Roofing is one of the most dangerous trades, with falls being a leading cause of workplace injuries.  Having the right roofing safety equipment is not optional - it’s a necessity.  Whether you're a ...

Why Annual House Inspections are Crucial for Maintaining Property Value

Hashtag.net.au - avatar Hashtag.net.au

A home is one of the most valuable assets you'll ever own, but keeping it in top condition requires ongoing care. What may seem like minor concerns, such as a small leak, a tiny foundation crack or ...

Health & Wellness

Telehealth Could be the Catalyst for Better Heart Health in Australia

Hashtag.net.au - avatar Hashtag.net.au

Image by stockking on Freepik Heart disease is one of the leading causes of death in Australia despite decades of advancements in medicine and health education campaigns. More than 400 Australians ...

Disability Care in Melbourne: What Families Need to Know in 2025

Hashtag.net.au - avatar Hashtag.net.au

If you’re supporting a loved one with a disability in Melbourne, you’ll know how important it is to find the right care—and how overwhelming it can be to navigate the system. With the National Disab...

Online Medical Certificate Services: Essential Features to Look Out For

Hashtag.net.au - avatar Hashtag.net.au

"Discover top online medical certificate services! Essential features to look for to get trusted and efficient results." Choosing high-quality services is essential for ensuring reliable, efficient, ...